What you should do in project management before next year starts
This is how you prepare your project pipeline for the upcoming year
Each year in December, we prepare for the new year and look back on the past months. In companies, too, employees try to complete their tasks before the end of the year, tidy up and make plans for the upcoming year. For project management, this means that towards the end of the year, many new project initiatives come in, while old initiatives my not have been planned yet. That is why also in project management it is important to look back and take the time to tidy up the project pipeline. Generally speaking, a full project pipeline is not a bad thing, but the problem is the risk that individual projects may become outdated or simply no longer useful as circumstances around the project have changed. Here are some tips on how to clean up your project pipeline:
>> For projects that have already been postponed several times, it should be checked whether they are still necessary and feasible.<<
1. Clarify framework conditions
- record all projects in a central place to get a general overview
- get an understanding of your current business objectives so that you can align project initiatives with them
- Check what capacities you have available, e.g. in terms of staff, qualifications and skills
2. Review projects
Now that your framework conditions have been defined in the first step, it is time to evaluate the projects. The first question you should ask yourself is whether the project absolutely has to be carried out. Projects that are necessary for customers or your company, for example, absolutely have to be scheduled and should not be left in the pipeline for too long. If, on the other hand, a project that has been waiting to be worked on for a long time and is repeatedly postponed in favour of other projects, may not be important – especially if it does not support the current business strategy, does not create benefits or does not serve the purpose of the company. Also check whether the resource requirements, risk or cost of the project have changed and whether it is still feasible with current capacity. If it is a necessary project, clarify how the additional resources required can be obtained.
3. Discard projects
Discard any projects from your pipeline that do not meet your criteria. Projects that you cannot yet part with can be saved outside your project pipeline and reviewed regularly over the next year.
4. Prioritise projects
The projects that are now left should be prioritised according to their importance and then be scheduled. What cannot be scheduled yet, but is important, may remain in the project pipeline and should be scheduled as soon as there is room for it.
5. Introduce a portfolio management system
If you have difficulties keeping track of your project portfolio and keeping your project pipeline clean, a portfolio management system can give you the overview you need. The right tool will help you collect, analyse and evaluate projects against business goals, risks and resources.
Would you like to learn more about portfolio management software or get a demonstration of how such software can help you? Then please feel free to make a consultation appointment with our team!
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